6:50 am, September 19, 2024
Bank of England poised to hold interest rates at 5%, economists say
The Bank of England is poised to keep interest rates at 5% after sending a “clear message” that it would not move too quickly to cut borrowing costs.
Most economists think that rate-setters on the Monetary Policy Committee (MPC) will keep the UK interest rate on hold on Thursday.
This would keep the Bank’s base rate – which affects interest rates on borrowing and saving – at the highest level since 2008, during the global financial crisis.
Rachel Reeves commits to improving women’s lives by closing gender pay gap
Rachel Reeves has said she intends to use her position as the first female Chancellor to ‘improve life for women’, as she set out plans to support women in business.
Ms Reeves said it is a ‘huge responsibility’ to head the Treasury and she is aiming to close the gender pay gap, strengthen rights at work and invest in childcare.
Announcing the Government’s support for the Invest in Women Taskforce, which aims to increase investment funding pools for female founders, the Chancellor vowed to improve the economic opportunities available to women.
Train drivers vote to accept multiyear pay offer and end two-year dispute
Train drivers have voted overwhelmingly to accept a multiyear pay offer, ending a two-year dispute at 16 rail companies.
Aslef said its members voted by 96% in favour of a deal the union said was worth 15% over three years. The turnout was 84%.
The offer was made by the new Labour Government within weeks of the party winning the general election.
TGI Fridays operator falls into administration as it scrambles to sell chain
The UK operator of TGI Fridays has gone into administration as the hospitality firm scrambles to sell its chain of 87 restaurants across the country.
Hostmore said it had appointed joint administrators from Teneo.
The company is in the process of trying to sell the UK restaurants to new owners, which it hopes to complete by the end of September.
Mercedes-AMG celebrates F1 team with limited-edition GT
Mercedes-AMG is championing its close relationship with Formula 1 through a special-edition version of its GT supercar.
The new Mercedes-AMG GT 64 ‘Motorsport Collectors Edition’ has a number of elements which draw inspiration directly from the Mercedes-AMG Petronas F1 team. For instance, the base ‘obsidian black’ metallic colour is similar to that used on the current Formula 1 race car, and the same can be said of the hand-painted star pattern on the rear flanks.
There are also a number of Petronas-coloured elements which contrast the main body, in areas such as the front splitter, side air intakes and the decorative elements on the side sill panels.
The Lotus Theory 1 is an ‘immersive’ electric concept car with three seats
Lotus has released a new concept car which aims to act as a showcase for the brand’s new design direction.
The Theory 1 incorporates a three-seater setup, with the driver occupying a central position in the vehicle with a passenger on each side behind. With a claimed 986bhp being produced from its twin electric motors, the Theory 1 could go from 0-60mph in under 2.5 seconds before heading to a top speed of 199mph.
Despite this performance, Lotus says that the Theory 1’s 70kWh battery could return up to 250 miles of range, mainly due to the car’s low weight of under 1,600kg.
Wednesday on Car Dealer
Used car salesman fined after admitting to illegally selling customer data to rival firms
A used car salesman, Alexander Doré, was fined £1,200 after admitting to illegally selling over 3,600 pieces of customer data from his former employer, Leaseline Vehicle Management Ltd. Doré claimed the data was his and sold it to rival firms. The breach was discovered after his resignation in 2022, leading to his prosecution under the Data Protection Act.
Just TWO weeks left to enter Car Dealer Used Car Awards 2024 so cast your votes now!
Car dealers have until September 30 to nominate themselves or others for the Car Dealer Used Car Awards, which celebrate excellence in the used car industry. The awards, with 24 categories including Lifetime Achievement, will be held on November 25 in London, hosted by Mike Brewer. Nominations are judged through rigorous processes, including mystery shopping .
Land Rover Discovery Sport named dealers’ most profitable used car for sixth month in a row
The Land Rover Discovery Sport continued its strong performance in the used car market in August, being both the most profitable and fastest-selling used car, according to Dealer Auction’s Retail Margin Monitor. With an average retail margin of £3,775, it remained a top choice for dealers. The Range Rover Evoque followed closely with a £3,675 margin, reflecting Land Rover’s dominance in profit margins, further highlighted by the brand’s overall average profit of £3,800.
RAC study reveals one in five MOT tests was failed last year as vehicles faults rack up
A recent RAC Foundation survey revealed that one in five MOT tests in Britain failed in 2023, with 9.9 million out of 43.7 million tests being unsuccessful. Some vehicles had close to 30 major faults, with a 1997 Daihatsu Fourtrak showing 29 dangerous or major defects. Among the unusual failure causes were missing brake discs and steering locks engaging unexpectedly. Despite discussions on delaying MOT frequency, no changes were made due to safety concerns .
Auto Trader reports surge in demand for classic cars following final ever Grand Tour episode
The final episode of The Grand Tour has ignited a surge in demand for two classic cars featured on the show— the Ford Capri and the Triumph Stag. According to Auto Trader, ad views for the Ford Capri GXL jumped 185%, while Triumph Stag views skyrocketed by 793%. The surge is attributed to the nostalgic appeal of the show and the influence of presenters Jeremy Clarkson, Richard Hammond, and James May.
Dealer group Glyn Hopkins gets IMI Approved status at state-of-the-art new training centre
Glyn Hopkin has launched a state-of-the-art training centre in Chelmsford, now certified as an IMI Approved Centre. The facility focuses on preparing automotive workers for evolving technologies, including EVs and ADAS. The centre emphasizes practical and theoretical training, aiming to equip staff and other technicians with cutting-edge skills.
The markets
The London Stock Exchange swung into the red on Wednesday as investors nervously await interest rate decisions from central banks in the US and the UK.
The FTSE 100 moved 56.18 points lower, or 0.68%, to end the day at 8,253.68.
In Paris, the Cac 40 closed 0.57% lower and in Frankfurt, the Dax dipped 0.03%.
UK enjoying ‘summer’s last hurrah’ before weekend of heavy rain and thunder
The UK is enjoying ‘summer’s last hurrah’ before heavy rainfall is expected to drench the country over the weekend, the Met Office has said.
On Wednesday, temperatures hit 25.5C in Inverness, which is 14C above average for this time of year, according to the forecaster.
Warm and bright conditions are expected to continue into Thursday after a cloudy morning – with highs of 26C in London, the weather service added.
A change is on the way 👇
After a settled spell of weather, low pressure will dominate across the south from Friday onwards 🌦️
Despite some uncertainty in the detail, sunshine will soon be replaced by outbreaks of rain or heavy showers ☔ pic.twitter.com/GIKEAkljJq
— Met Office (@metoffice) September 18, 2024
